BUSINESS
Nirmala Sitharaman urges World Bank to remain steadfast on principles of common responsibilities
Nirmala Sitharaman made the remarks on Friday during a meeting of the Development Committee of the World Bank-IMF, in Washington D.C. Sitharaman also stated that despite this year's projected growth rate of 7 per cent for the Indian economy, "we remain concerned about the global economic outlook and geopolitical environment", according to the Union Finance Ministry.
India's exports rose to $61 billion in September
These were 10.2 per cent higher than the corresponding period of last year. Imports in September 2022 were estimated to be $76.26 billion, exhibiting a positive growth of 10.73 per cent over September 2021. Trade deficit, however, widened to $148.46 billion in September 2022 against $76.25 billion in September 2021, the data revealed.
Lebanese pound sinks to new low at 40,000 against US Dollar
Mounir Younes, an economist and former editor-in-chief of Al Qabas newspaper in Kuwait, attributed the further collapse of the Lebanese pound to the delay in the implementation of necessary reforms that would pave the way for an agreement with the International Monetary Fund. "Also, the obligatory reserves at the Central Bank of Lebanon continue to be depleted, which creates a negative sentiment," Younes said.
India to produce 25% of its oil demand by 2030: Hardeep Puri
At present, five million barrels of petroleum is being consumed in our country every day and it is also increasing by three per cent, which is higher than the global average of nearly one per cent, Puri added. The Union Minister shared this with media at the three-day South Asian Geoscience Conference, GeoIndia 2022, which began at JECC, Sitapura in Rajasthan's Jaipur on Friday.
Securities and Appellate Tribunal sets aside SEBI insider trading order against Atul Kirloskar, Rahul Kirloskar and Nihal Kulkarni
In a statement issued on Friday, Atul Kirloskar, Rahul Kirloskar & Nihal Kulkarni said, "We are delighted to share that the Hon'ble Securities Appellate Tribunal vide its order dated October 12, 2022, has set aside the insider trading order dated October 20, 2020 passed against us by SEBI on the grounds that there was no unpublished price sensitive information (UPSI) and consequently there was no insider trading by us when we had sold shares of Kirloskar Brothers Limited to Kirloskar Industries Limited in 2010."
Adani Agri Logistics secures LoA from FCI for silo complexes
Based on the LoA, AALL will develop and operate state-of-the-art silo complexes at four locations -- Kanpur, Gonda and Sandila in Uttar Pradesh and Katihar in Bihar, in line with the government of India's objective of modernising India's storage infrastructure, creating a total silo storage capacity of 3.5 lakh MT.
India's power demand set to double by 2030: R.K. Singh
"Capital investments would also be required for modernising the power systems and promoting new technologies like green hydrogen, storage, offshore wind etc. to help India achieve its energy transition trajectory. To this end, it is absolutely imperative that the DISCOMS across the country follow prudent and sustainable financial practices to ensure that they are viable," R.K. Singh said.
Nirmala Sitharaman meets EU Economy Commissioner, discusses India's G20 presidency
Nirmala Sitharaman and Paolo Gentiloni discussed issues related to global economy and furthering India-EU collaboration during the G20 India Presidency in 2023. Both sides discussed the need to further strengthen multilateral development banks to enable them to help countries in need.
Bumper Diwali spending of Rs 2.5 lakh crore expected
This substantial inflow of money is also expected to liberate the business community from financial crunch. After two years, the festival of lights will be celebrated with no Covid restrictions which has prompted consumers to throng commercial markets in every city of the country for making purchases for Diwali.
UK Chancellor cutting short US visit compared to 1976 sterling crisis
Adding to signs that the government is preparing to announce a U-turn over its plan to scrap a rise in corporation tax, the Chancellor left the US capital a day earlier than planned, The Guardian reported. Treasury sources said the chancellor had two constructive days in Washington but was keen to get back to London to engage with colleagues over his medium-term fiscal plan, due to be announced on October 31.
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